US Bitcoin miners rush to buy rigs due to tariff pause, facing disadvantage, policy uncertainty
From Cointelegraph
April 11, 2025 1:08 AM:
US Bitcoin mining firms are looking to stock up on mining rigs due to Trump administration’s tariff pause, but a 10% baseline tariff still puts them at a disadvantage. The pause on reciprocal tariffs until July 8 affects most countries except China. Tariffs on countries like Thailand, Indonesia, and Malaysia are at 24-36%.
Luxor Technology’s COO Ethan Vera notes a price hike on crypto mining rigs, with US miners rushing to buy machines before potential further increases in 90 days. Trump’s tariffs could collapse US demand for mining rigs, benefiting non-US operations. Policy uncertainty hampers US Bitcoin mining firms’ planning and scaling efforts.
Trump’s tariff policy changes will likely hurt growth in the US Bitcoin mining industry. Luxor is considering expanding internationally due to the uncertainty. Trump’s family has partnered with Hut 8 to launch “American Bitcoin” mining venture. Trump had pledged to have all remaining Bitcoin made in the USA.
The crypto mining industry is not a high priority for the Trump administration, according to Luxor’s Vera. Trump’s tariffs have impacted various markets, with Bitcoin down 1.2% in the last 24 hours. Bitcoin is now 26% off its all-time high of $108,786 set on Jan. 20. Tariffs have caused uncertainty in the industry and affected Bitcoin prices.
Read more at Cointelegraph: US crypto miners may rush to buy rigs in tariff pause despite ‘clear disadvantage’